The warehouse automation market has witnessed significant growth in past few years, owing to surge in purchase from online-channels. The market is experiencing growth owing to rise in global trade, and increased disposable income.
According to a new report published by Allied Market Research, titled, “Warehouse Automation Market,” The warehouse automation market size was valued at $13.6 billion in 2021, and is estimated to reach $57.6 billion by 2031, growing at a CAGR of 15.3% from 2022 to 2031.
Inventory management in a non-automated is labor intensive and prone to human errors. Thus, to address such issues, various levels of automation is being introduced in warehouses. An automated warehouse is largely managed by robots and other automated systems, which reduces the possibility of human error, and makes the warehouse work efficiently at a fast pace. This increases the profitability of warehouses.
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In addition, rise in labor costs is also a major factor driving the growth of the warehouse automation. Developed countries such as U.S., and Canada, which already had a highly developed e-commerce, and industrial sectors are leading the warehouse automation market. In addition, governments in developing countries have implemented various policies for development of industrial sector. Since, industries make significant use of warehouses for storage of raw materials and finished products, growth of industries is expected to drive the growth of the warehouse automation market.
Moreover, the advancements in artificial intelligence, and communication protocols are anticipated to make automation efficient; this is anticipated to provide lucrative opportunities for the market growth.
Key companies profiled in the warehouse automation market forecast report include ABB Ltd., Amazon.com Inc. (Amazon Robotics), ATMOS, Bastian Solutions LLC, Daifuku Co Ltd., Dorabot, Fanuc Corporation, Honeywell International Inc., Jungheinrich AG, KION GROUP (DEMATIC), Kuka AG, Omron Corporation, Schneider Electric, Siemens AG, SSI-Schaefer, Yaskawa Electric Corp, and Zebra Technologies Corporation (Fetch Robotics, Inc.).
Commonly observed components in warehouse automation market include hardware and software. Among these, the hardware segment held the largest warehouse automation market share in 2021, owing to the large investments required to acquire hardware components. Further, the e-commerce segment under the application registered a higher revenue in 2021, owing to the rise in trend of buying online.
In addition, the market is analyzed between different end-user industries of warehouse automation, including retailers and manufacturers & distributors. The market is mainly driven by the rise in labor cost, increase in trade and surge in disposable income. However, high initial cost involved in setting-up of warehouse automation facilities constraints the warehouse automation market growth.
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In 2021, North America dominated the global warehouse automation market, in terms of revenue. Moreover, the market in Asia-Pacific is expected to grow with the highest CAGR. This is attributable to rapid economic growth in the region.
Furthermore, on the basis of end-user industry, the retailers’ segment is anticipated to grow rapidly during the forecast period, owing to increased demand for products from consumers’ end.
Key players in the market offer a wide range of products and services to sustain the harsh competition in the market. In addition, business expansion is playing a major role in driving the growth of the market. For instance, in January 2021, Fetch Robotics, Inc., a company involved in providing components and services in warehouse robots, has launched modern-day robot named the PalletTransport1500, which is a self-reliant bot designed specially to replace the forklift in warehouses. The systems designed to pick up and supply pallets are capable of sporting heavy payloads.
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However, various businesses in the warehouse automation market had to stop their business in countries such as Canada, the U.S., and Europe, during the pandemic lockdown. This break directly impacted sales of companies involved in warehouse automation. In addition, lack of manpower and raw materials constricted supply of raw materials for manufacturing various warehouse automation components; and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
According to Digvijay Pawar, Lead Analyst, Construction and Manufacturing at Allied Market Research,
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